Dollar Looks like a Buy versus the Japanese Yen
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
USDJPY – Extremely one-sided retail crowd positions in the USDJPY warn that the pair may bounce off of key lows.
Trade Implications – JPY Pairs: Our proprietary positioning data shows that retail traders are their most net-long the Dollar versus the Japanese Yen since it set a significant low near ¥98 in October of last year. There are no guarantees in trading, but the potential sentiment extreme comes as the USDJPY continues to hold key lows. Staying above ¥100.80 makes buying the Dollar/Yen attractive.
See next currency section:AUDUSD - Australian Dollar Likely Set Important Price Top
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.